Summers: Can't Blame Inflation on Pandemic, War, or Gouging, It's about 'Managing the Level of Demand'

On Friday's broadcast of ABC's "GMA3," economist, Harvard Professor, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers called on the Federal Reserve to raise interest rates and signal that further interest rate increases are coming and argued that the Federal Reserve can't blame inflation on the coronavirus pandemic or the war in Ukraine and the Biden administration can't blame corporate greed for inflation because, at its core, the issue is about "managing the level of demand in the economy."